A 12-seat Grand Tier box at the Royal Albert Hall is on sale for £2.5 million

The Royal Albert Hall viewed from the Grand Tier
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A 12-seat box at the London's Royal Albert Hall has gone on sale for the first time in almost a decade — and it costs ten times the average price of a British house at £2.5 million ($3 million).

The world-famous concert hall in South Kensington, which has a 5,272-seat capacity, has hosted some of the world's leading artists since it was opened by Queen Victoria in 1871 in memory of her late husband Prince Albert.

It is best-known for hosting the annual BBC Proms, an eight-week summer festival of music.

The box is located on the Grand Tier close to the Royal Family's own, and provides some of the best views in the building.

In purchasing the box, the owner will acquire an 849-year lease and automatic membership of the Corporation of the Halls of Arts and Science, which gives them responsibility for duties including electing the Hall's president, and approving funding.

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In 2017, the Grade 1-listed building will host 390 shows, including the BAFTAs, James Cameron's "Titanic" set to a live orchestra, and shows from the Royal Philharmonic Orchestra.

There are 1276 "permanent" seats in the Hall, which are owned by private individuals and corporations, located in both boxes and the stalls. The seat-holder leases run for the same period as the lease on the Hall itself, which is for 999 years from 1867.